Hyundai 'doesn't want Jaguar'

Ford might face a search if it wants to offload troubled Jaguar - Hyundai, the firm linked to a buy-out, has stated that it isn't interested.

The Korean manufacturer had been tipped to make a bid for Jag, which would give it a useful premium brand name as it tries to expand into the luxury market. However, it has issued a statement saying that while it once considered buying a "luxury nameplate like Jaguar", it has dropped the idea "in view of immediate priorities".

That could mean the ongoing corruption scandal in Korea, but it's more likely to refer to plans for expansion overseas. Hyundai has plans to build a new factory in the Czech Republic and its Kia brand wants to manufacture cars in a new plant at Georgia in the United States.

Ford has yet to admit to any plans to sell any of its brands, and some analysts have said that it might have to wrap up profit-making Land Rover as a sweetener to any Jag deal. Hyundai's statement is likely to make any sell-off more protracted.